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Tax Allowances

Volume 927: debated on Tuesday 1 March 1977

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asked the Chancellor of the Exchequer further to the reply to the hon. Member for Gravesend (Mr. Ovenden) Official Report, 25th January, column 588, what would be the cost of restoring each of the tax allowances to their value in 1971–72, calculated at 1961–62 prices.

The cost for 1976–77 would be about 1,020 million, if the tax allowance for a child over 16 were also correspondingly increased.